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The Income Tax Return or ITR is a form in which the taxpayers submit information about their income and tax payments to the income tax department. A taxpayer should file ITR on or before the due date specified. The ITR form applicable to a taxpayer depends on the type of taxpayer, whether individuals, HUF, company, etc., and you choose the ITR based on the nature and type of income and total income. Every taxpayer should also calculate the tax payable and make payments before filing the ITR. You should file an ITR in case of a carry forward of losses and set off of brought forward losses.
While filing your ITR, you should check the form 26AS for details of TDS and other income such as FD interest. You should also have your form 16 to enable filling the details of salary and tax saving deduction claims.
The department prescribes seven types of ITR forms based on the type of taxpayer and income:
You can e-file your ITR for the FY 2019-20 corresponding to the AY 2020-21. The filing should be mandatorily online for all types of taxpayers except super senior citizens aged 80 years and above.
The income you report falls under income from salary, house property, business, or profession, capital gains and income from other sources You calculate the aggregate income and claim tax deductions for tax savings and others. From the income tax payable, you reduce TDS on your income, TCS, advance tax and other tax credits. You can claim a tax refund of excess tax or TDS paid. In a case where you have balance tax payable, you should pay the same before filing the ITR.
Form 16 is a salary TDS certificate an employee receives from the employer. Form 16 provides the details of gross salary, exemptions such as HRA and LTA. The form also contains the details of the net taxable salary, any other income/loss reported by the employee, tax saving deductions and salary TDS.
Form 26AS contains details of tax deducted at source or TDS on various incomes such as salary, interest and on sale of immovable property. The form also contains details of self-assessment tax, advance tax paid by a taxpayer and specified financial transactions.
Form 15G and Form 15H:
Form 15G and Form 15H enable you to receive income without TDS. You can submit a Form 15G in a case you are below 60 years of age and where your annual taxable income is below the basic exemption limit. You can submit a Form 15H in case where you are a senior citizen and the tax due on your total income is nil. You need to submit the form 15G or form 15H to the person paying you income.
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